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20110701
20110731
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without crafting the big grand compromise the president and congressionaleaders need to negotiate to raise that limit. they're demanding 2 trillion in spending cut bees made to give the president the increase he wants and the democrats any deal to cut spending has to increed an increase in tax revenue. the big question, going into tonight's meeting is whether a smaller deficit reduction deal is possible. both sides are saying it can be done. failure to do it w wld lead to economic meltdown. >> john, thank you very much. joining me to discuss the road ahead is the white house chief of staff bill ley. thank you very much for joining us. you've heard what jon said. you've seen what speaker boehner did. what's your relakes to the deal nono >> it's very unfortunate the speaker made the comments he has. the president is committed to solving this deficit possible for the future of america. he's looking forward to the meeting to play out his case. he's saying, it is time now to make the tough decisions. in this town, generally they kick the can. nobody wants to do the tough things. he's committed
boehner is still considering and still probing with the white house the possibility of a big deal that would be nearly $4 trillion in deficit reduction and include $800 billion in added tax revenues over the next ten years. if he goes this route, i am told he will face a revolt from his republicans in the house, including his fellow leaders, eric cantor, kevin mccarthy. it's a very risky move for him but i'm told he's still considering it. >> treasury secretary tim geithner joins me now. he would have to manage the chaos if the united states defaults for the first time in history. secretary geithner, thank you for being here. well, you just heard what jonathan said about what's on the table. is it possible that there will be a framework deal in place by 4:00 p.m. this afternoon. >> i hope so. again, both leaders recognize they're running out of time. they need to get this process moving in the house by monday night to achieve that deadline. they need to have a framework that they know with complete confidence will pass both houses of congress and is acceptable to the president and
's more restraint in order. he made it clear for a big deal, there will have to be balance between revenue and spending. the question is how much can we get done? the president's view is clear. we have to get as much done as we can to give assurance to the market and american people that we have our fiscal house in order. >> if you have to predict, what is the deal that will get done to avoid a deadline, potential catastrophe as we're calling it? >> i think the minimum, i believe the debt will be extended. notwithstanding, the voices of a few willing to play with armageddon, responsible leaders in washington, are not. our efforts over the next days is, in addition to that, do as ch as we possibly can to make the tough decisions. this is a question of leaders coming together and saying, we are going to do hard things on both sides. and the time is now, as the president said, if not now, when. >> jack lew, thank you very much for joining us. >> thank you indeed. >> and the parties in a bit of a cooling off period after a contentious series of white house meetings at one point tempers flared
Search Results 0 to 5 of about 6 (some duplicates have been removed)